首页 | 本学科首页   官方微博 | 高级检索  
     检索      


Specialization and Success: Evidence from Venture Capital
Authors:Paul  Gompers Anna  Kovner Josh  Lerner
Institution:Harvard Business School Soldiers Field Road Boston, MA 02163;
Federal Reserve Bank of New York 33 Liberty Street New York, NY 10045;
Entrepreneurship and Finance Units Harvard Business School Rock Center 214 Soldiers Field Road Boston, MA 02163 and NBER
Abstract:This paper examines how organizational structure affects behavior and outcomes, studying the performance of different types of venture capital organizations. We find a strong positive relationship between the degree of specialization by individual venture capitalists at a firm and its success. When the individual investment professionals are highly specialized themselves, the marginal effect of increasing overall firm specialization is much weaker. The poorer performance by generalists appears to be due to both an inefficient allocation of funding across industries and poor selection of investments within industries. Venture capital organizations with more experience tend to outperform those with less experience.
Keywords:
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号